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The appointment last week of Jonathan Chenevix-Trench as chairman of Morgan Stanley International underlines the dramatic generational shift in the investment bank's senior management since the arrival of John Mack as chief executive in July.

Chenevix-Trench, a fresh-faced 44-year-old, takes over in London from Sir David Walker, 65, who is retiring at the end of the year. His appointment, after a 21-year career at the US bank, is the 15th top-level position filled by Mack in the past five months.

Eighteen group or divisional level executives have left since the spring. Most are connected to the ousting of former chief executive, Philip Purcell, and Mack's arrival.

The average age of those who left is nearly 58, while that of the new team is 53.

Exits

Philip Purcell, 62, chairman and chief executive. Ousted in June after vicious dispute with former directors and with $44m (€37.7m) payoff. Not yet resurfaced.

Terry Meguid, 49, global head of investment banking
Quit in April with $6.4m payoff. In talks with Perella about new boutique.

Joseph Perella, 63, chairman of investment banking. Quit in April with $6.4m payoff. Financial News revealed last month that he will launch his own boutique with former colleagues in 2006.

Sir David Walker, 65, chairman of Morgan Stanley International. One of most senior and experienced bankers in Europe. Returned for second stint as chairman in 2004. Announced retirement last week. To stay on as senior adviser.

John Havens, 49, head of institutional equities. Quit in March with $7.9m payout. Awaiting next move.

Mitch Merin, 62, president of investment management
Took golden helicopter offer of $11m and jumped in September.

Vikram Pandit, 49, co-president of institutional securities. Quit in March with payoff of $9m after promotion of Crawford and Cruz. Had been tipped as future chief executive. Has launched own hedge fund.

Mike Uva, 47, head of European and briefly global investment banking. Left in September. Awaiting next move.

John Schaefer, 53, head of individual investor group since 2000 who will retire at end of this year.

Donald Kempf, 67, chief legal officer. Retired in summer after five years in the job.

John Mack, 61, returned as chairman and chief executive in triumph in July. Has shaken up top management and promised recovery.

Zoe Cruz, 50, acting president. Cruz refused to accept "platinum helicopter" offer and stayed on under Mack, maintaining continuity. Her promotion to board with Crawford in March triggered crisis. Replaced as head of fixed income by Neal Shear, 51.

No direct replacement, but Thomas Nides comes in as chief administrative officer.

Walid Chammah, 51, installed by long-standing friend and former colleague Mack as global head of investment banking in July. Has quickly reshuffled senior team.

Jonathan Chenevix-Trench, 44, a lifer at Morgan Stanley having joined straight from university in 1984. Former head of European fixed income and more recently global head of interest rates and foreign exchange. In training for past year as Walker's successor.

Jerker Johansson, 49, new global head of equities based in London who doubles up with Neil Shear as co-head of sales and trading.

Franck Petitgas, 44, former head of European equity capital markets was promoted to co-head of global capital markets with Jon Anda in the spring, and then added co-head of European investment banking to his business card alongside Hans Schuettler 56, in September. Schuettler is head of Morgan Stanley's German business and vice-chairman in Europe.

James Gorman, 47, one of Mack's first big hires. Joined from Merrill Lynch as head of individual investor group in the summer.